Catsbury Limited Company has issued a bond two years ago with a par value of $100 million. The maturity of the bond is 15 years, with a coupon rate of 10%. The bond can be called (callable bond) in year 10 with a premium price of 25% above par value. The risk-free rate is 5% and the investor risk premium is 3%. Tax rate is 25%. Based on the information, calculate the intrinsic value of the bond based on:

a) callable provision

b) normal maturity.